By FXEmpire.com

Analysis and Recommendations:

The USD/CAD is trading at 1.0040 as the USD began to build some strength and the DX climbed in early trading today.

With little support for the CAD, the pair followed cues from the global markets. Aside from tomorrow’s GDP release, there will be no domestic data this week, leaving the CAD vulnerable to international events, data, and headline risk.

USDCAD is likely to benefit from additional central bank easing this week, as risk assets are supported;

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data for July 30, 2012 actual v. forecast

Date

Time

Currency

Importance

Event

Actual

Forecast

Previous

Jul. 30

00:50

JPY

Industrial Production (MoM)

-0.1%

1.5%

-3.4%

02:00

AUD

HIA New Home Sales (MoM)

2.8%

0.7%

10:20

EUR

Italian 10-Year BTP Auction

5.96%

5.82%

11:00

GBP

CBI Distributive Trades Survey

11

15

42

Upcoming Economic Events that affect the USD

Date

Time

Currency

Event

Forecast

Previous

Jul 31

12:30

USD

Core PCE Price Index m/m

0.1%

12:30

USD

Employment Cost Index q/q

0.4%

12:30

USD

Personal Spending m/m

0.0%

13:00

USD

S&P/CS Composite-20 HPI y/y

-1.9%

13:45

USD

Chicago PMI

52.9

14:00

USD

CB Consumer Confidence

62.0

Aug 1

12:15

USD

ADP Non-Farm Employment Change

176K

14:00

USD

ISM Manufacturing PMI

49.7

14:30

USD

Crude Oil Inventories

2.7M

18:15

USD

FOMC Statement

18:15

USD

Federal Funds Rate

Aug 2

12:30

USD

Unemployment Claims

353K

14:00

USD

Factory Orders m/m

0.7%

Aug 3

12:30

USD

Non-Farm Employment Change

80K

12:30

USD

Unemployment Rate

8.2%

12:30

USD

Average Hourly Earnings m/m

0.3%

14:00

USD

ISM Non-Manufacturing PMI

52.1

Upcoming Economic Events that affect the CAD

Date

Time

Currency

Event

Previous

Jul 31

12:30

CAD

GDP m/m

0.3%

12:30

CAD

RMPI m/m

-1.0%

Government Bond Auctions

Date Time Country

Jul 31 00:30 Japan

Jul 31 09:30 Belgium

Aug 01 09:30 Germany

Aug 01 10:00 Norway

Aug 01 13:00 US

Aug 02 08:30 Spain

Click here for updated USD/CAD News.

Originally posted here